Given the absence of new project completions, Colliers International Myanmar reports that the citywide occupancy rate further inched up as at the end of Q3 2018. Meanwhile, the net absorption rate at the end of the quarter is only half the amount recorded from the same period last year.

Colliers point to a possible liberalisation of the insurance sector as well as the easing of restrictions in other major industries.

Developers are encouraged to focus more on improving building designs while also being cautious with their development cost to provide products that suit ongoing and future market requirements.

Click the infographic below to enlarge

Absence of new supply in Q3 2018

Yangon's office market has gone through a period of adjustment since 2013, following the country's opening to the global economy. After an overly long period of isolation, an initial burst of interest from various global companies, governments, and non-governmental organisations let to a rise in office demand reports Colliers. Since then, the construction boom triggered by the improving optimism surrounding the country's democratisation and the continuing relaxing of rules relating to foreign investment has caused a surge of office development across the city.

However, Colliers believe that given the ongoing market development, office requirements have decelerated as investors continue to adopt a "wait and see" approach as the government further eases market restrictions along with the liberalisation of key business sectors.

For more information about the Yangon Office Market Report or to discuss the Yangon property market, phone or email Paul Ryan Cuevas Research Analyst at Colliers International Myanmar via the contact details below.